ASEAN: Citric Acid Market 2024

Citric Acid Market Size in ASEAN

In 2021, the ASEAN citric acid market decreased by -3.5% to $X for the first time since 2017, thus ending a three-year rising trend. The market value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when the market value increased by 9.2%. The level of consumption peaked at $X in 2020, and then dropped modestly in the following year.

Citric Acid Production in ASEAN

In value terms, citric acid production fell to $X in 2021 estimated in export price. The total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +67.7% against 2014 indices. The pace of growth was the most pronounced in 2015 with an increase of 28%. The level of production peaked at $X in 2020, and then fell in the following year.

Citric Acid Exports

Exports in ASEAN

In 2021, overseas shipments of citric acid and its salts and esters increased by 9.4% to X tons, rising for the second year in a row after two years of decline. Total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +10.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +45.5% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 48% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in years to come.

In value terms, citric acid exports skyrocketed to $X in 2021. Overall, exports posted a prominent increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Thailand dominates exports structure, resulting at X tons, which was near 91% of total exports in 2021. It was distantly followed by Singapore (X tons), creating a 6% share of total exports. Cambodia (X tons) followed a long way behind the leaders.

Exports from Thailand increased at an average annual rate of +11.5% from 2012 to 2021. At the same time, Singapore (+13.8%) and Cambodia (+11.8%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +13.8% from 2012-2021. While the share of Thailand (+9.8 p.p.) and Singapore (+1.6 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Thailand ($X) remains the largest citric acid supplier in ASEAN, comprising 92% of total exports. The second position in the ranking was taken by Singapore ($X), with a 6.2% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Thailand amounted to +15.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Singapore (-0.0% per year) and Cambodia (+17.6% per year).

Export Prices by Country

In 2021, the export price in ASEAN amounted to $X per ton, increasing by 72% against the previous year. Export price indicated a modest increase from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while Cambodia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Cambodia (+5.1%), while the other leaders experienced mixed trends in the export price figures.

Citric Acid Imports

Imports in ASEAN

In 2021, imports of citric acid and its salts and esters in ASEAN expanded markedly to X tons, increasing by 5.3% compared with the previous year's figure. The total import volume increased at an average annual rate of +1.8% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2013 when imports increased by 16%. Over the period under review, imports attained the maximum in 2021 and are likely to see gradual growth in years to come.

In value terms, citric acid imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.0% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia was the major importing country with an import of about X tons, which finished at 40% of total imports. It was distantly followed by Vietnam (X tons), Singapore (X tons), Thailand (X tons), the Philippines (X tons) and Malaysia (X tons), together constituting a 55% share of total imports. Myanmar (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to citric acid imports into Indonesia stood at +1.4%. At the same time, Myanmar (+15.7%), Singapore (+13.6%), Vietnam (+6.9%) and Malaysia (+1.6%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +15.7% from 2012-2021. The Philippines experienced a relatively flat trend pattern. By contrast, Thailand (-8.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Singapore, Vietnam and Myanmar increased by +9.2, +5.3 and +2.2 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) constitutes the largest market for imported citric acid and its salts and esters in ASEAN, comprising 39% of total imports. The second position in the ranking was taken by Singapore ($X), with a 16% share of total imports. It was followed by Vietnam, with a 14% share.

From 2012 to 2021, the average annual growth rate of value in Indonesia amounted to +1.4%. In the other countries, the average annual rates were as follows: Singapore (+8.5% per year) and Vietnam (+6.0% per year).

Import Prices by Country

The import price in ASEAN stood at $X per ton in 2021, picking up by 26% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Malaysia ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+1.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform